Name: Adam Ruins Everything - Why Gift Giving Makes No Economic Sense
Uploaded: 2017-01-06T03:13:56.000Z
Duration: 2 min 21 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

I think you're really going to like this.

The value of an object is the maximum amount that its owner would be willing to pay for it.

You, add all these amounts together and that's the total value of everything you've bought.

I see that giant cardboard cut out of the rock is worth 100 bucks to you.

Well, if it's worth 100 to you and you only paid 50 then in economic terms when you bought it, you literally created $50 in value.

Thanks for this lesson in basic economics.

But what does this have to do with gift giving a whole lot actually?

Would you mind explaining to my sister Rio what the economic problem with gift giving is?

Sure when we buy gifts, we do so with the best of intentions.

But while we're really good at knowing what we like, we're pretty terrible at guessing what other people would value.

Well, usually I wear wrestling tank tops so I can show off my Jack's triceps, but it's the thought that counts.

Emily, how much would you pay for this shirt?

So, I guess like, I don't know, 15 bucks I paid 50.

Well, Merv, you just destroyed $35 worth of value.

If you wanna see more, click here or here, I don't know what either of these are because they're gonna add them in post.

They just told me in the script to do this.

Subtitles ListPlay Video

Adam Ruins Everything - Why Gift Giving Makes No Economic Sense

worth

drown

basic

economic